Roof update fall of 2024 should policy cost change?

[MChang]

I have my homeowners/auto with Erie. I got my new rates for 2025 1 month ago. I told them my roof had been replaced with an Owens Corning shingle that has a 40 year material warranty, level 3 impact rating, and 25 year labor warranty. They noted this on the paperwork, but the premium did not go down. My agent and I both expected it to. Erie is $1000/ more per year than Cincinnati Casualty on homeowners. Cincy is $100 more on auto than Erie. Does not make sense to me. Last at fault accident was 2017

I have auto with rate lock with Erie. I'm wondering if they have been holding my auto rates, but jacking up my homeowners to cover the rate on the auto?

Appreciate any input on what is going on.

Thanks.

Brian

 

[marindependent]

I told them my roof had been replaced with an Owens Corning shingle that has a 40 year material warranty, level 3 impact rating, and 25 year labor warranty.

How Old and What type of Roof did you have previously?
Have you had any home insurance claims?

 

[SF_Anon]

Make sure that the existing Erie policy and the proposed Cincinnati policy have the same policy language - and you should verify this by actually reading the policy, not just taking your agent's word for it. Make sure it has the same riders and covers the same perils. There's probably a material reason that the pricing is different.

Or maybe you're just a better fit for Cincinatti's underwriting model at this time. Insurance is a moving target.

They are probably not intermingling underwriting models and premium dollars between their automotive and homeowners divisions.

 

[MChang]

How Old and What type of Roof did you have previously?
Have you had any home insurance claims?

asphalt 3 tab architectural style put on in 2006. no claims. thanks brian

 

[MChang]

Make sure that the existing Erie policy and the proposed Cincinnati policy have the same policy language - and you should verify this by actually reading the policy, not just taking your agent's word for it. Make sure it has the same riders and covers the same perils. There's probably a material reason that the pricing is different.

Or maybe you're just a better fit for Cincinatti's underwriting model at this time. Insurance is a moving target.

They are probably not intermingling underwriting models and premium dollars between their automotive and homeowners divisions.

almost like i need to hire an attorney to read it for me. thanks brian

 

[SF_Anon]

I know asking the average policyholder to read the details of their coverage is a bridge too far for most - and those same policyholders will be the first to say "Insurance is a scam!" when their claim doesn't get paid.

You're going to the restaurant, sitting at the table and telling the waiter to bring you food. Don't you want to know what they're going to bring to the table? Don't you want to know what you're paying for?

 

[MChang]

I know asking the average policyholder to read the details of their coverage is a bridge too far for most - and those same policyholders will be the first to say "Insurance is a scam!" when their claim doesn't get paid.

You're going to the restaurant, sitting at the table and telling the waiter to bring you food. Don't you want to know what they're going to bring to the table? Don't you want to know what you're paying for?

yes, of course. I have read the general policy coverages. but not the pages of verbiage. I have a great vocabulary, but don't have a law degree. all this stuff is written by attorneys, nothing against attorneys, but the language is unique and how it is used has different meanings. Brian